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  • Buy-to-Let

    Does 75% LTV still work in SE on single let?

    I don’t know about London price

    but in the NE is easily done

    I use Howdons kitchens

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    It can be done in London. Keep the utilities where they are, try to keep the tiles also, if you can’t, change floor tiles only, take wall tiles off and paint+ use Ikea backsplash. Get Ikea kitchen units, not the cheapest range, the range 1 above, simple white, looks more expensive than its is, get appliances separately from AO.

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    £1580 rent. Mortgage plus ground rent is £870.

    To clear £500 per month,  the remaining £210 has to cover all maintanence, insurance, void, leasehold fees for lettings, accountancy fees, management time/travels (assuming you are managing it yourself). And with whatever is leftover for maintanence, you only need a medium repair work every 5 years and that would wiped out all your maintanence allowance. 

    To me, you are either a very very lucky landlord or you are really cutting it too fine.

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    I agree with you a coupe of rises in intrest  rates and it will be close to negative cash flow or a non payer and it would have issues

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    I manage myself so my only letting fees are OpenRent @£49 (I think)  Tenants pay their own referencing.

    Don't need to clean. Outgoing tenants clean ready for the incoming tenants. If not done to the same standard as documented in check in report then I arrange cleaning and deduct from deposit (only happened once in 15 years)

    I've already explained that maintenance and repairs are approx £500 so won't repeat myself.

    Accountant charges me £650 +VAT for end of year returns, so that currently works out about £55 per flat

    I don't currently pay any insurance. I have RGI on a few but that's it. I pay service charges which covers the buildings insurance

    > To me, you are either a very very lucky landlord or you are really cutting it too fine.

    A landlord can be lucky for a few years maybe, but 15 years? I don't see it that I'm cutting it fine as to me it is all manageable risk.

    To me anyone paying as much as 30% on maintenance is madness. According to DL I should be spending £5k a year on my 2 beds? That's ridiculous.

    Im telling you I can run my properties for an average of £500 a year over the medium to long term and you tell me it's not possible only because you dont/can't run your portfolio as effecient as mine

    I'll post some figures for you tomorrow once I return from Iceland (the country not the supermarket)


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    £650 for company accounts that’s cheep

    is that including returns to compinies house too

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Yes. All inclusive

    Hopefully this in some way shows that I hunt around for value. I see so much wasted expense in the industry its ridiculous

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    It must be very satisfying to see your undoubted and proven shrewdness paying-off.

    Congratulations!

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    Hi DL

    I just checked my records and I am paying £755 + VAT for my accounts

    I am sure this figure will increase as I've added quite a few to my portfolio in the last 18 months

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    I pay £80 per month

    haoot new year

    all the best DL

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.